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ARTICLE · 06 AUGUST 2018

Congress Passes Landmark CFIUS Reform Bill

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On July 26 and August 1, 2018, Congress passed the Foreign Investment Risk Review Modernization Act ("FIRRMA") as part of the Fiscal 2019 National Defense Authorization Act.

United StatesGovernment, Public Sector
Ama Adams
Ama Adams
Brendan Hanifin
Brendan Hanifin
Emerson Siegle
Emerson Siegle
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On July 26 and August 1, 2018, Congress passed the Foreign Investment Risk Review Modernization Act ("FIRRMA") as part of the Fiscal 2019 National Defense Authorization Act. FIRRMA broadens the authority of the Committee on Foreign Investment in the United States ("CFIUS" or the "Committee") to determine whether foreign investments in U.S. businesses pose a risk to national security. President Trump is expected to sign the bill shortly.

Introduced in November 2017, FIRRMA represents the most significant effort to revise the CFIUS process since the passage of the Foreign Investment and National Security Act of 2007. A key motivation behind FIRRMA is the view among U.S. national security figures that the Committee was not equipped to handle new threats to U.S. national security posed by foreign investment, particularly from China.1 Among other steps, FIRMMA expands the scope of transactions potentially subject to CFIUS review, requires mandatory filing for certain

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